t.h., page-21

It seems hard to engineer an exit for the sophs. They couldn't last time. No way could they go to sophs and holders simultaneously. Sophs require first opportunity to exit for a profit.

It will be very interesting to see the amount raised and the price schieved. Still feel some free options may be involved as sweetner.

Gibba, a 15% placement is only better is it goes to existing holders surely?

If it goes to a placement, you will be diluted by 15%. If you farmout the same percentage for same dollar amount, then it has the same dilutive impact.

The benefit to the farmin would be it is a long term investor, committed to block31 that will work with us to obtain best value for themselves, and therefor us. And they will not have physical shares to sell on market.